We characterize trading friction and its various components (adverse selection and price impact of filled orders and clean up costs of unfilled orders) for four categories of investors (individuals, corporations, domestic financial institutions, and foreign institutional investors). Order fill rates for profitable orders and magnitude of trading costs suggest that domestic financial institutions are most informed and foreign institutional investors are the least informed participants in the Indian stock markets. Total frictions increase with order complexity, order duration, number of trades, firm size, and liquidity-demanding order strategy. Frictions are lower for hidden orders and for orders in volatile stocks.